Big News: SEC Approves Bitwise Spot Bitcoin and Ethereum ETF

The U.S. Securities and Exchange Commission (SEC) has approved Bitwise’s Bitcoin and Ethereum ETF, offering investors exposure to both cryptocurrencies. The approval, granted on an “accelerated basis” on Thursday, allows the fund to track both spot Bitcoin (BTC) and Ethereum (ETH) based on their market capitalization.

Regulatory Shift Opens Door for New Crypto Products

This approval marks a major shift in the regulatory landscape under the Trump administration, as several firms have recently sought to list new crypto products with the SEC. Bitwise’s ETF, launched in partnership with the New York Stock Exchange (NYSE), is designed to provide easier access to Bitcoin and Ethereum for mainstream investors. The NYSE Arca filed the necessary paperwork for the ETF in November 2024.

SEC’s Evolving Stance on Bitcoin ETFs

“In particular, the Commission finds that the Proposal is consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the Exchange’s rules be designed to ‘prevent fraudulent and manipulative acts and practices’ and, ‘in general, to protect investors and the public interest,”

the agency said.

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It added,

“The Commission finds that the Proposal, as with other ETPs that the commission has approved, is reasonably designed to promote fair disclosure of information that may be necessary to price the Shares appropriately, to prevent trading when a reasonable degree of transparency cannot be assured, to safeguard material non-public information relating to the Trust’s portfolio, and to ensure fair and orderly markets for the Shares.”

This approval follows a series of changes in the SEC’s stance on crypto products, including the previous hesitance of former SEC Chair gary gensler gary gensler Gary Gensler is the chairman of the U.S. Securities and Exchange Commission (SEC). His studies in finance and blockchain at MIT have helped him develop U.S. cryptocurrency regulations and policies. Quick Facts Full name Gary Scott Gensler Birth 18-10-1957, Baltimore, Maryland, United States Nationality American Education MBA from the University of Pennsylvania Marital status Married to Francesca Danieli (1986-2006) Net worth Estimated $100 million   Gensler has advocated for enhanced supervision of digital assets, seeking to regulate cryptocurrencies similar to securities. His work at the SEC has focused on safeguarding investors, regulating crypto exchanges, and establishing stablecoin policies.   Gary Gensler - Career Highlights 1997 – Became Assistant Secretary of the Treasury. 2009 – Led CFTC, regulating financial derivatives post-2008 crisis. 2018 – Taught blockchain and crypto at MIT. 2021 – Appointed SEC Chairman, focusing on crypto regulations. 2022 – Proposed stricter rules for crypto exchanges. 2023 – Took legal action against major crypto firms. 2024 – Advocated for stronger stablecoin and DeFi regulations.   Gary has collaborated with multiple lawmakers in formulating crypto policies. Even with disagreements with crypto investors regarding crypto policies, he continues to be a key player in the changing dynamic between regulatory frameworks and blockchain advancement.   Awards & Recognitions of Gary Gensler Year Institution  Description 2009 U.S. Treasury Financial Regulation Leader 2018 MIT Blockchain & Crypto Educator 2021 SEC SEC Chairman Overseeing Crypto Policies 2023 Bloomberg Most Influential Regulator in Crypto 2024 Forbes Top Policy Maker in Digital Assets   Useful Links to Connect With Gary Gensler Platform Link X (formerly Twitter) twitter.com/GaryGensler CFTC website Chairman Gary Gensler   Chairman to approve Bitcoin ETF trading, which only occurred after a court ruling.